PC Jeweller Locked In Upper Circuit As PNB Approves One-Time Settlement Of Dues
The stock rose as much as 9.99% during the day to Rs 56.19 apiece on the NSE.
Shares of PC Jeweller Ltd. jumped the most in six months as it hit an upper circuit limit of 10% on Monday. the surge in stock price followed approval from Punjab National Bank to the one-time settlement proposal submitted by the company for outstanding dues.
However, the company did not disclose the details of the settlement proposal. The terms and conditions of the approved one-time settlement include cash and equity component payable under settlement, release of securities and mortgaged properties, according to an exchange filing.
"Punjab National Bank, the third largest bank after State Bank of India amongst consortium banks of the company in terms of its exposure, vide letter dated July 6, 2024, has conveyed its approval to the one-time settlement proposal submitted by the company," it said. "The company had opted for OTS to settle the outstanding dues."
On the NSE, PC Jeweller's stock rose as much as 9.99% during the day to Rs 56.19 apiece, the highest since June 18. It was still locked in its upper circuit limit, compared to a flat Nifty as of 10:30 a.m.
The share price has risen 20.26% on a year-to-date basis and 91.67% in the last 12 months. The total traded volume so far in the day stood at 6.7 times its 30-day average. The relative strength index was at 65.86.
